Chapter 7 Bankruptcy
Murrieta Bankruptcy Attorneys: (951) 779-1610
Chapter 7 bankruptcy, often times referred to as "straight bankruptcy" or "liquidation bankruptcy," is a legal process that is entered into by consumers who cannot afford to repay their debts to creditors.
Once people successfully file for Chapter 7 in Murrieta, the debts that they owe to their creditors are discharged. This means that their debts are eliminated or are no longer existent and this allows individuals to start fresh.
Notable Conditions for Filing Chapter 7
In order for people to file for Chapter 7 bankruptcy, they will have to meet specific eligibility requirements, like taking and passing the state's means test. For people to pass the means test, they will have to prove that their income is below the state's median income. If they can do this, they will be allowed to move forward with their Chapter 7 bankruptcy petition.
Another thing that people will have to endure when filing for Chapter 7 is the liquidation process. During liquidation, people's assets and property may be sold off for profit which is then turned over to their creditors as a form of repayment. Assets that may be liquidated include homes, cars, vacation property, land and other precious valuables.
Hiring Your Murrieta Chapter 7 Lawyer
Anytime people are thinking about filing for Chapter 7 bankruptcy in Murrieta, it is important that they have advice and representation from a qualified Murrieta bankruptcy lawyer, like the lawyers at Singleton Smith Law Offices.
At Singleton Smith Law Offices, our team of litigators provides legal help and services to those who are pursuing consumer bankruptcy in California. With our assistance, many clients have successfully completed the Chapter 7 bankruptcy process in minimal time and with few hassles. We are committed to helping our clients complete their bankruptcy proceedings as quickly as possible so they can start rebuilding their finances and lives.
To speak with someone who can review your case, contact a Murrieta bankruptcy attorney from Singleton Smith Law Offices now!